For the glaze: Bring lime juice, honey, and water to a boil in a small saucepan. Boil 5 minutes or until reduced to about 1/3 cup. Add cilantro, salt, and pepper. Let glaze steep at room temperature 30 minutes, then discard cilantro.

For the skewers: while glaze is cooling, wrap a piece of pancetta around each shrimp. Thread 4 shrimp each onto 4 metal or bamboo skewers. Heat a gas grill on medium-high or prepare a medium- high fire in a charcoal grill.

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